Attack of the Memecoins 💥

Dear Bankless Nation,

Memecoins here, memecoins there, memecoins everywhere 😵‍💫

No kidding, amid the ongoing memecoin boom on Ethereum around 21% of the total ETH burned to date has come from over just the past seven days alone!

That said, yes, a good bit of the air has been sucked out of the room for NFTs right now as a tremendous amount of attention has rotated to the shiny new things on the blockchain.

We’ll see how long this craze lasts. For now though, let’s get you caught up on the past week in NFTs. Have a great weekend everyone!✌️

-WMP

📊 The big picture

This week the market cap of NFTs dropped from 8.09 million ETH to 7.86 million ETH, or $14.93B USD, for a decline of nearly 3%. The outflow here’s hardly surprising considering how memecoins like $PEPE and $TURBO have been dominating the cryptoeconomy’s attention cycles — and trading action — in recent days.

🔝 7D top collections by volume

📰 General news

• Brave unveiled automatic NFT backups + enhanced Filecoin support in the Brave Wallet.
• ConsenSys is starting an NFT-based loyalty campaign for its Linea L2 testnet.
• NiftyKit launched a Share to Earn feature.
• Zapper rolled out its onchain activity feed.
• Zora introduced text NFTs.

🏆 Digital collectibles

• Emblem Vault unveiled the Rare Pepe Curated Collection.
• Jack Butcher dropped Openen Set 001 and 002.
• Meebits introduced Moods animations.

🎨 Cryptoart & music

• 0xDEAFBEEF released Chronophotographs, a companion series to his latest work Noumenon.
• Manifold added support for buying and selling with $TURBO.
• Sotheby’s is launching a secondary marketplace for cryptoart.
• sound.xyz released the Sound mobile app.

🎮 Decentralized gaming

• Treasure welcomed Spark Defense, a hero-driven MOBA defense game, to its ecosystem.

🌐 Virtual worlds

• Decentraland added wishlists to its marketplace.

🪙 NFTfi

• Blur introduced Blend, a perpetual peer-to-peer NFT lending protocol.
• Caviar streamlined its liquidity pool UI.
• MetaLend introduced compounding AXS rewards.
• MetaStreet announced a “Yield Royale” closed alpha campaign for MetaStreet v2.

🎆 Mint spotlight: Chaos Roads

This week artist and data scientist Chainleft dropped Chaos Roads, an innovative, fully onchain NFT collection that uses the Ethereum Virtual Machine to create "runtime art" that consists of visual paintings, music, and poetry all at once. The series has achieved a number of technical firsts, and it also employed an unprecedented technique for extremely efficient onchain storage. Take note, then, because this approach and technique will be emulated by more projects going forward!

🙇 New insightful threads to level up your web3 knowledge!

1. Elena on the rise and fall of $WSB.

2. Jack Butcher on the format of the new Opepen drops.

3. MetaStreet on the design of the upcoming MetaStreet v2 protocol.

4. TylerD on Sports Illustrated’s new NFT ticketing solution on Polygon.

✨ My NFT tool of the week: Yup Cross-Posting

Yup, a platform that aggregates web3 content, just introduced cross-posting, which lets users simultaneously post on Farcaster, Lens, and Twitter with a single click via the Yup Mobile app. Wanting to dive deeper into web3 social but find it hard to spread out content on multiple different platforms? This new resource might be just what you need to make that leap in easier. If you’re not already a Yup Mobile user, you can sign up for the beta’s waitlist here.

😜 Regrets in the time of $PEPE…